Discover Qazaqstan via News and Inspiring Stories
QazMonitor Logo
Facebook Qazmonitor iconInstagram Qazmonitor iconTiktok Qazmonitor iconTwitter Qazmonitor iconTelegram Qazmonitor iconYoutube Qazmonitor icon
  1. Main Page
  2. Business
  3. Tim Draper: Kazakhstan Is Far Ahead in Digital Services
Astana, Kazakhstan • 12 October, 2023 | 11:15

Tim Draper: Kazakhstan Is Far Ahead in Digital Services

The US venture capitalist expressed his opinion on the level of digitalization in the country

QazMonitor Logo
Unsplash (Grab)
Unsplash (Grab)

One of the major international venture capitalists, Tim Draper, declared that Kazakhstan is significantly ahead of the United States in the realm of digital services. He made this statement during the inaugural session of the international Digital Bridge Forum, QazMonitor reports.

"Estonia has pioneered a novel approach to digital governance. Virtually every task can be accomplished online, from paying for parking to voting. When I first visited Kazakhstan six years ago, I heard that many of these innovations would be introduced in your country. Now, with the presence of Kaspi, if I understand correctly, hardly anyone uses cash, and this marks a remarkable leap forward. In the United States, you can still witness people counting out coins to pay for their coffee at Starbucks. Such advancements, as seen in Kazakhstan's digitalization efforts, are extraordinary and have a profound impact on society," said Tim Draper.

According to the Association of Financiers of Kazakhstan, by the end of 2022, the volume of non-cash card transactions in the country reached 102.8 trillion tenge, representing a 42% increase, which amounts to 99% of the GDP.

The Mangistau region (+8.4 pp.), East Kazakhstan region (+8.3 pp.), and Almaty region (+8.1 pp.) led the way in the growth of non-cash transactions by region. According to the AFK data, the most popular method for non-cash transactions is online transactions, accounting for 82.4% of the total non-cash transaction volume. In monetary terms, the volume of online transactions reached 84.7 trillion tenge by the end of 2022.

Only 30% of an article published on The Qazaqstan Monitor website may be used with a mandatory hyperlink provided to indicate the original source. To re-publish the full article, written permission from the editorial is required.